Note: This document has been translated from a part of the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail.

May 12, 2023

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2023
(Under Japanese GAAP)
Company name:
Listing:
Securities code:
URL:
Representative:
Inquiries:
Telephone:

Furukawa Co., Ltd.
Tokyo Stock Exchange5715
https://www.furukawakk.co.jp
Minoru Nakatogawa, President and Representative Director
Akira Mikage, General Manager, Accounting Department+81-3-6636-9502

Scheduled date of annual general meeting of shareholders:
Scheduled date to commence dividend payments:
Scheduled date to file annual securities report:
Preparation of supplementary material on financial results:
Holding of financial results briefing:

June 29, 2023
June 30, 2023
June 29, 2023
Yes
Yes

(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the fiscal year ended March 31, 2023 (from April 1, 2022 to March 31,
2023)(1) Consolidated operating results(Percentages indicate year-on-year changes.)
Net sales
Fiscal year ended
March 31, 2023

Millions of yen
214,190

March 31, 2022

199,097

Note: Comprehensive income

Operating profit

Profit attributable toowners of parent

Ordinary profit% Millions of yen
7.6
9,031

% Millions of yen
16.8
9,348

% Millions of yen
3.9
6,211

%
(4.1)

24.7

38.3

32.8

(13.3)

7,734

8,996

6,477

For the fiscal year ended March 31, 2023:¥ 8,830 million[10.1%]For the fiscal year ended March 31, 2022:¥ 8,021 million[(56.7)%]

Basic earnings
per share

Diluted earnings
per share

Return on equity

Ratio of ordinary
profit to total assets

Ratio of operating
profit to net sales

Fiscal year ended

Yen

Yen

%

%

%

March 31, 2023
March 31, 2022

161.97165.87

–
–

6.2
6.9

4.0
4.0

4.2
3.9

Reference: Share of profit (loss) of entities accounted for using equity method
For the fiscal year ended March 31, 2023:¥ (860) million
For the fiscal year ended March 31, 2022:¥

370 million

(2) Consolidated financial position
Total assets
As of

Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

232,745
229,727

106,050
100,07544.2
42.3

2,700.87
2,505.01

March 31, 2023
March 31, 2022
Reference: Equity
As of March 31, 2023:¥ 102,946 million

As of March 31, 2022:¥ 97,253 million(3) Consolidated cash flows
Cash flows from operating Cash flows from investing Cash flows from financing Cash and cash equivalents
activities
activities
activities
at end of period
Fiscal year ended
March 31, 2023

Millions of yen
6,148Millions of yen(1,617)

Millions of yen(5,934)

Millions of yen
13,606

March 31, 2022

8,768

(5,857)(6,568)

14,468

2. Cash dividends
Annual dividends per share

Fiscal year ended
March 31, 2022
Fiscal year ended
March 31, 2023
Fiscal year ending
March 31, 2024
(Forecast)

Total cash
dividends (Total)

Payout ratio(Consolidated)

Ratio of dividends
to net assets(Consolidated)

Yen

Millions of yen

%

%

50.00

50.00

1,941

30.1

2.0

–

50.00

50.00

1,905

30.9

1.9

–

50.00

50.00

First
quarter-end

Secondquarter-end

Thirdquarter-end

Fiscalyear-end

Yen

Yen

Yen

Yen

–

0.00

–

–

0.00

–

0.00

Total

31.8

3. Forecast of consolidated financial results for the fiscal year ending March 31, 2024 (from April 1, 2023 toMarch 31, 2024)(Percentages indicate year-on-year changes.)
Net sales

Six months ending
September 30, 2023
Fiscal year ending
March 31, 2024

Operating profit

Profit attributable toowners of parent

Ordinary profit

Basic earnings
per share

Millions ofyen%Millions ofyen%Millions ofyen%Millions of
yen

%

Yen

92,000(12.0)

3,700

9.7

3,700

(29.1)

2,300(33.3)

60.34

184,500(13.9)

9,200

1.9

9,200

(1.6)

6,000

(3.4)

157.41

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change
in scope of consolidation): None
(2) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(3) Number of issued shares (common shares)(i) Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2023

40,445,568 shares

As of March 31, 2022

40,445,568 shares(ii) Number of treasury shares at the end of the period
As of March 31, 2023

2,329,563 shares

As of March 31, 2022

1,621,936 shares(iii) Average number of shares outstanding during the period
Fiscal year ended March 31, 2023

38,351,979 sharesFiscal year ended March 31, 2022

39,054,524 shares[Reference] Overview of non-consolidated financial results
1. Non-consolidated financial results for the fiscal year ended March 31, 2023 (from April 1, 2022 to March
31, 2023)(1) Non-consolidated operating results(Percentages indicate year-on-year changes.)
Net sales
Fiscal year ended

Millions of yen

March 31, 2023
March 31, 2022

7,834
7,663

Operating profit

Ordinary profit% Millions of yen
2.2
(9.4)

Basic earnings
per share% Millions of yen

3,254
3,106

4.8
(26.8)

3,195
3,659

Profit% Millions of yen(12.7)(23.2)

3,073
2,951

%
4.1
(59.9)

Diluted earnings
per share

Fiscal year ended
March 31, 2023

Yen
80.14

Yen
–

March 31, 2022

75.58

–

(2) Non-consolidated financial position
Total assets

Net assets

Equity-to-asset ratio

Net assets per share

As ofMarch 31, 2023

Millions of yen
149,860

Millions of yen
65,727%43.9

Yen
1,724.42

March 31, 2022

148,144

64,96843.9

1,673.42

Reference: Equity
As of March 31, 2023:
As of March 31, 2022:¥ 65,727 million¥ 64,968 million

2. Forecast of non-consolidated financial results for the fiscal year ending March 31, 2024 (from April 1,
2023 to March 31, 2024)(Percentages indicate year-on-year changes.)
Net sales

Operating profit

Ordinary profit

Basic earnings
per share

ProfitMillions ofyen%Millions ofyen%Millions ofyen%Millions of
yen

%

Yen

Six months ending
September 30, 2023

4,800

(10.1)

2,300(22.7)

2,400(21.6)

2,200(23.0)

57.72

Fiscal year ending
March 31, 2024

7,200

(8.1)

2,300

(29.3)

2,200(31.2)

2,000(34.9)

52.47* Financial results reports are exempt from audit conducted by certified public accountants or an audit
corporation.
* Proper use of earnings forecasts, and other special matters(1) Caution concerning forward-looking statements
The forward-looking statements, including earnings outlook, contained in these materials are based on
information currently available to the Company and on certain assumptions deemed to be reasonable by theCompany. The Company makes no warranty as to the achievability of the projections. Actual business andother results may differ substantially from the statements herein due to a number of factors.
(2) Financial results briefing (for securities analysts and institutional investors)
The Company will hold a financial results briefing through livestreaming. Furthermore, the Company plans topost supplementary materials and a video of the results briefing on its website.

Furukawa Co., Ltd. (5715)

Attached Material
Index
1. Consolidated Financial Statements and Significant Notes Thereto .......................................................... 2(1) Consolidated balance sheet................................................................................................................. 2(2) Consolidated statement of income and consolidated statement of comprehensive income................ 4
Consolidated statement of income ...................................................................................................... 4
Consolidated statement of comprehensive income ............................................................................. 5(3) Consolidated statement of changes in equity...................................................................................... 6(4) Consolidated statement of cash flows................................................................................................. 8
Supplementary Material on Financial Results for the Fiscal Year Ended March 31, 2023 ............................. 9-1-

Furukawa Co., Ltd. (5715)

1. Consolidated Financial Statements and Significant Notes Thereto(1) Consolidated balance sheet(Millions of yen)
As of March 31, 2022
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsMerchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Land
Leased assets, net
Construction in progress
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Retirement benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets-2-

As of March 31, 2023

14,46913,60628,34435,502

17,205
10,813
20,8184,635(48)
96,23818,705
12,213
15,5844,318(47)
99,882

24,051
8,789
54,170
429
517
3,018
90,976376

23,435
9,384
53,910
463
900
2,888
90,981317

35,860
4,495
351
403
1,746
(720)
42,136
133,489229,727

34,711
4,573
749
351
1,947
(769)
41,563
132,862
232,745

Furukawa Co., Ltd. (5715)(Millions of yen)
As of March 31, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Lease liabilities
Accounts payable - other
Income taxes payable
Provision for bonuses
Provision for loss on construction contracts
Provision for environmental measures
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Lease liabilities
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Retirement benefit liability
Provision for environmental measures
Other provisions
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets-3-

As of March 31, 2023

15,916
9,381
13,504
188
13,310
1,491
138
–
3
5,924
59,85914,397
9,244
16,607186
12,806
1,711
137
6
58
7,954
63,111

52,166302
10,501
1,399
2,543
58
16
239
2,565
69,793
129,652

46,240387
10,141
1,367
2,481
–
97
228
2,638
63,583
126,695

28,2082
54,557(2,197)80,57028,2082
58,847(3,086)
83,971

11,832
(292)
2,602
35
2,506
16,6832,821
100,075
229,727

12,320
(77)
2,582
1,564
2,584
18,974
3,103
106,050
232,745

Furukawa Co., Ltd. (5715)(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income(Millions of yen)
Fiscal year ended
March 31, 2022
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Freight and incidental costs
Salaries, allowances and bonuses
Provision for bonuses
Provision for retirement benefits
Provision of allowance for doubtful accounts
Research and development expenses
Other
Total selling, general and administrative expenses
Operating profit
Non-operating income
Dividend income
Share of profit of entities accounted for using equity
methodForeign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodAdministrative expenses of inactive mountain
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Gain on bargain purchase
Other
Total extraordinary income
Extraordinary losses
Loss on sale and retirement of non-current assets
Impairment losses
Loss on liquidation of subsidiaries
Demolition expenses of a rental building
Other
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent-4-

Fiscal year ended
March 31, 2023

199,097
172,995
26,101

214,190
185,575
28,615

2,465
7,557
108
629
16
1,053
6,535
18,366
7,734

3,005
7,910
78
525
10
1,055
6,998
19,583
9,031

752

847

370

–

677
1,244
3,044

1,462
836
3,146

427

501

–

860

812
543
1,782
8,996

814
654
2,829
9,348

76
92
833
111
1,113

47
362
–
0
410

157
11
–
668
135
972
9,137
2,715
(264)
2,450
6,686
208
6,477

302
133
324
470
19
1,252
8,506
2,811
(762)
2,049
6,457
245
6,211

Furukawa Co., Ltd. (5715)

Consolidated statement of comprehensive income(Millions of yen)
Fiscal year ended
March 31, 2022
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests-5-

Fiscal year ended
March 31, 2023

6,686

6,457

527
(483)
723
547

491
106
1,413
77

20

282

1,335
8,021

2,373
8,830

7,771

8,522

250

308

Furukawa Co., Ltd. (5715)(3) Consolidated statement of changes in equity
Fiscal year ended March 31, 2022
(Millions of yen)
Shareholders’ equity
Share capital
Balance at beginning of
periodCapital surplus

28,208Retained earnings
2

Total shareholders’equityTreasury shares

50,025(1,862)

76,373

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Reversal of revaluation
reserve for land
Net changes in items
other than shareholders’equity(1,953)(1,953)

6,477

6,477
(334)

(334)

7

Total changes during period
Balance at end of period

7

–

–

4,531

(334)

4,196

28,2082

54,557(2,197)80,570

Accumulated other comprehensive income

Balance at beginning of
periodValuationdifferenceonavailablefor-salesecurities

Deferred
gains orlosses onhedges

Revaluation
reserve forland

Foreigncurrencytranslation
adjustment

11,303

351

2,609

(826)

Remeasurements ofdefinedbenefit plans

Total
accumulated
othercomprehensive income

Noncontrollinginterests

Total net
assets

1,959

15,3962,594

94,364

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Reversal of revaluation
reserve for land
Net changes in items
other than shareholders’equity(1,953)
6,477
(334)
7
528

(644)

(7)

862

547

1,286

227

1,513

Total changes during period

528

(644)

(7)

862

547

1,286

227

5,710

Balance at end of period

11,832

(292)

2,602

35

2,506

16,6832,821

100,075-6-Furukawa Co., Ltd. (5715)

Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders’ equity
Share capital
Balance at beginning of
periodCapital surplus

28,208Retained earnings
2

Total shareholders’equityTreasury shares

54,557(2,197)80,570Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Reversal of revaluation
reserve for land
Net changes in items
other than shareholders’equity(1,941)(1,941)

6,211

6,211
(888)

(888)

19

Total changes during period
Balance at end of period

19

–

–

4,290

(888)

3,401

28,2082

58,847(3,086)

83,971

Accumulated other comprehensive income

Balance at beginning of
periodValuationdifferenceonavailablefor-salesecurities

Deferred
gains orlosses onhedges

Revaluation
reserve forland

Foreigncurrencytranslation
adjustment

11,832

(292)

2,602

35

Remeasurements ofdefinedbenefit plans

Total
accumulated
othercomprehensive income

Noncontrollinginterests

Total net
assets

2,506

16,6832,821

100,075

Changes during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Reversal of revaluation
reserve for land
Net changes in items
other than shareholders’equity(1,941)
6,211
(888)
19
487

215

(19)

1,529

77

2,291

282

2,573

Total changes during period

487

215

(19)

1,529

77

2,291

282

5,975

Balance at end of period

12,320

(77)

2,582

1,564

2,584

18,974

3,103

106,050-7-

Furukawa Co., Ltd. (5715)(4) Consolidated statement of cash flows(Millions of yen)
Fiscal year ended
March 31, 2022
Cash flows from operating activities
Profit before income taxes
Depreciation
Loss (gain) on sale of property, plant and equipment
Loss (gain) on sale of investment securities
Share of loss (profit) of entities accounted for using
equity method
Gain on bargain purchase
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in accounts payable - other
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Other, net
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Payments for retirement of property, plant andequipment
Proceeds from sale of investment securities
Purchase of shares of subsidiaries resulting in change inscope of consolidation
Proceeds from a partial refund of consideration for
acquisition from the seller by adjusting theconsideration of shares of subsidiaries
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from short-term borrowings
Repayments of short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Repayments of finance lease liabilities
Purchase of treasury shares
Dividends paid
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period-8-

Fiscal year ended
March 31, 2023

9,137
4,003
81
(92)

8,506
4,114
255
(362)

(370)

860

(833)
433
(878)
427
345
(10,328)
5,955
3,700
(877)
10,703885(429)(2,484)
94
8,768

–
226
(1,110)501(6,798)3,219(2,143)(1,119)
2,743
8,892
1,073
(494)
(3,400)76
6,148(5,507)91(3,361)
239

(123)

(261)

107

1,380

(352)

–

–

420

(71)
(5,857)(34)(1,617)

15,957(16,062)220(4,140)(232)(334)(1,953)(22)(6,568)57,408(58,300)
3,200(5,176)(208)(888)(1,942)(25)(5,934)377

541(3,279)17,748
14,468(862)
14,46813,606

Furukawa Co., Ltd. (5715)

Supplementary Material on Financial Results
for the Fiscal Year Ended March 31, 2023
May 12, 2023
Furukawa Co., Ltd.
Net sales(Yen amounts are rounded down to millions.)
Fiscal year ending March 31, 2024
Fiscal year ended
March 31, 2023
Machinery businessYear-on-year change

Forecast

Year-on-yearchange81,6584,719

87,0005,341

Industrial Machinery segment
Rock Drill Machinery segment

17,94335,752220
4,841

18,50036,000556
247

UNIC Machinery segment

27,961(343)

32,5004,538

Materials business

126,804

8,640

91,600(35,204)

Metals segment

111,424

8,429

74,800(36,624)

6,926
8,454

(345)
557

7,700
9,100

773
645

Electronics segment
Chemicals segment
Real Estate segment

2,056

(58)

1,700

(356)

Others segment

3,671

1,791

4,200

528

214,190

15,093

184,500(29,690)

Total

Operating profit
Fiscal year ending March 31, 2024
Fiscal year ended
March 31, 2023
Machinery businessYear-on-year change

Forecast

Year-on-yearchange

6,093

1,414

7,400

1,306

Industrial Machinery segment
Rock Drill Machinery segment

1,515
3,030

118
1,913

1,500
3,100

(15)
69

UNIC Machinery segment

1,547

(617)

2,800

1,252

Materials business

2,309

(40)

1,600

(709)

Metals segment

1,276

336

500

(776)

500
532

(165)
(210)

400
700

(100)
167

835

92

400

(435)

Electronics segment
Chemicals segment
Real Estate segment
Others segment

(133)

(150)

(150)

(16)

(Subtotal)

9,104

1,315

9,250

145

Eliminations/corporate

(73)

(18)

(50)

23

9,031

1,297

9,200

168

Total

Exchange rate・Copper priceFiscal year ending March 31, 2024
Fiscal year ended
March 31, 2023

Year-on-year change

Forecast

Year-on-yearchangeExchange rate

Yen/$

135.5

23.1

135.0

(0.5)

Copper price

$/mt

8,551

(1,140)

8,000

(551)

-9-

Furukawa Co., Ltd. (5715)* Reference Information (the below values are reference values)
1. Industrial Machinery segment order balance
The Industrial Machinery segment mainly provides built-to-order manufacturing, and the order balance as ofthe end of the fiscal year under review is as follows.
As ofMarch 31, 2023
Order backlog

Year-on-year change¥14.2 billion¥4.8 billion

2. Profit or loss from metal price fluctuations in the Metals segment
Fiscal year ended
March 31, 2023

Year-on-year change

Operating profit¥1.27 billion¥0.33 billion

Of which was due to pricefluctuations¥1.18 billion¥(0.33) billion[¥0.07 billion][¥1.02 billion][¥(1.10) billion][¥0.75 billion]

CopperGold- 10 -